Corporate Social Responsibility and ESG as Institutional Innovations for Sustainable Finance: Complexity and Competitive Mediation in the Insurance Sector in Developing Economies
企業の社会的責任とESGが持続可能な金融のための制度的革新として：発展途上経済の保険セクターにおける複雑性と競合的媒介 (AI 翻訳)
Edosa Getachew Taera, Maria Fekete Farkas, Zoltán Bujdosó, Zoltán Lakner
🤖 gxceed AI 要約
日本語
本研究はエチオピアの保険業界において、CSRがESG実践を通じて持続可能な金融成果に与える影響を分析。CSRは直接・間接的に正の効果を持つが、ESG導入が制度的課題を増大させ、最終的に成果を阻害する競合的媒介効果が確認された。理論的にはステークホルダー理論、正当性理論、制度理論を統合し、実務的にはESG開示基準の整備と制度摩擦の低減の重要性を示唆する。
English
This study examines how CSR influences sustainable finance outcomes in the Ethiopian insurance industry through ESG practices. Results show a positive direct and indirect effect of CSR on sustainable finance via ESG, but ESG adoption also increases institutional challenges, negatively affecting outcomes through competitive partial mediation. The findings highlight the need for ESG disclosure standards and capacity building to reduce institutional frictions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本企業が新興市場でESG投資を行う際の制度的課題を理解する上で参考になる。特に保険セクターにおけるCSRとESGの相互作用は、日本の金融機関の海外展開戦略にも示唆を与える。
In the global GX context
This paper provides empirical evidence from a frontier market (Ethiopia) on how ESG adoption can create institutional frictions, offering a cautionary note for global investors and firms expanding into Sub-Saharan Africa. It contributes to the broader ESG and sustainable finance literature by highlighting the double-edged role of ESG in developing economies.
👥 読者別の含意
🔬研究者:The serial mediation model (CSR→ESG→IC→SFO) offers a nuanced theoretical contribution by combining stakeholder, legitimacy, and institutional theories in a developing-country context.
🏢実務担当者:Corporate sustainability teams in emerging markets should anticipate that ESG implementation may trigger institutional challenges that offset benefits, requiring complementary governance improvements.
🏛政策担当者:Regulators in developing economies should establish clear ESG disclosure standards and support capacity building to mitigate the negative institutional effects identified.
📄 Abstract（原文）
This study examines how corporate social responsibility (CSR) influences sustainable finance outcomes (SFO) in the Ethiopian Insurance industry through environmental, social, and governance (ESG) practices and institutional challenges (IC). Using covariance-based structural equation modelling (CB-SEM) with data collected from a primary survey, the results show that CSR has both a direct and an indirect positive effect on SFO through ESG. However, the adoption of ESG practices also tends to increase institutional challenges, which in turn negatively influences SFO. This interaction produces a competitive partial mediation effect. The serial mediation path CSR–ESG–IC–SFO is found to be negative, suggesting that enabling and constraining forces operate simultaneously. From a theoretical point of view, the study combines stakeholder, legitimacy, and institutional theories to explain this competitive mediation within a less-studied Sub-Saharan African (SSA) frontier market. On the practical side, the findings highlight the importance of establishing ESG disclosure standards, investing in capacity building, and strengthening governance systems to reduce institutional frictions and make CSR a stronger driver of sustainable finance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/world7010016first seen 2026-05-06 00:22:28
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